Adam Smith's Wealth of Nations examines the underlying principles of the capitalist economic system.
Capitalism is an economic system based on private ownership of the means of production and their operation for profit. It is characterized by the production of goods and services through the investment of capital and the pursuit of profits. It is a system of mainly private ownership and operation of the means of production, with the goal of making a profit. Capitalism has been the dominant economic system in the world for centuries, and has led to rapid economic growth and increased standards of living. It also allows for the emergence of entrepreneurs and small businesses to compete with larger, established firms. Capitalism encourages competition and innovation, and allows for the free flow of goods and services in the marketplace. Its main features include free markets, free trade, private property, the pursuit of profit, the accumulation of capital, and the pursuit of individual wealth.
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